In the current study, we fabricated polymer (poly(3-hexylthiophene-2,5-diyl) (P3HT) and [6,6]-phenyl-C(61) butyric-acid methyl-ester (PCBM) blend) photovoltaic (PV) cells embedded with p-type single walled carbon nanotubes (SWCNTs) with tangled hair morphology. The power conversion efficiency (PCE) rapidly increased with SWCNT concentration of up to 6.83% coverage, and then decreased and saturated with increasing SWCNT concentration; i.e., the PCE peaks at 5.379%. This tendency is mainly associated with hole transport efficiency toward the transparent electrode (indium-tin-oxide (ITO)) via SWCNTs, directly determining the series resistance and shunt resistance of the polymer PV cells embedded with SWCNTs: the PV cell is increasing shunt resistance and decreasing series resistance.